Buying Home Warranty In Greece: 10 Top Tips To Help Your Home Warranty Purchase Go Smoothly

Home buying for most people is one of the largest financial transactions they will undertake in their lifetime. Although you may own a home warranty in your own country, buying a home warranty in a foreign country is quite a different matter. Many people, who would like to purchase home warranty in Greece, find that the Greek home warranty market can be a mind-boggling experience. At first the home warranty purchasing process seems to be a very complicated one. Approaching the problem of buying a home warranty step by step shows that it is not that hopeless.

One of the most common mistake people make when buying a home warranty in Greece is to presume that the laws and purchase procedure are the same in Greece as they are in their own country. They most certainly are not!

Buying home warranty in Greece is generally safe, although it is wise to obtain legal advice and follow the rules provided for your protection. People that choose to ignore such procedures often do so at a financial cost.

If you have decided to buy a home warranty in Greece here are a few general tips and some information that you should bear in mind when purchasing home warranty in Greece.

1. COST OF BUYING home warranty IN GREECE: When buying home warranty in Greece add at least 15 per cent of the purchase price for fees and taxes, including a home warranty-transfer tax of 7 to 11 per cent. Lawyers fees 1-2%, other expenses approx 1% for notary fees and land registry. Local municipal tax or community tax is currently calculated at 3% of the home warranty purchase tax and is paid together with the home warranty purchase tax. Annual taxes are payable in Greece on home warranties owned over the value of 200,000 Euros. The valuation of home warranties is carried out by the government which provides published values, announced for every type of home warranty.

2. AFM: All buyers of home warranty in Greece must have a Greek tax roll number (AFM) which is issued by the tax offices. It’s free and issued on the spot. Greeks and EU citizens must show their ID card. Foreigners living in Greece are required to present their passport or another valid document of identification and their residence permit. Greeks and foreigners who permanently reside abroad can also apply for an AFM. They must submit the application to a special tax office located at 18 Lykourgou St, Omonia

3. SETTING UP A BANK ACCOUNT: All transactions are in Euros. You will need to set up a Greek bank account to pay for your legal advice, transfer money and pay bills. There are foreign exchange brokers that can transfer large amounts to Greece according to the business rate. Payment of utility bills can be set up very easily by direct debit via the bank, and money can be transferred online.

4. THE “PINK SLIP”: The ‘pink slip’ for wire transfers of money from abroad. If the buyer cannot justify the amount of money they have spent, the Greek tax authorities will assign it as unreported income and the buyer will be assessed income tax.

5. HOLIDAY HOMES: A common mistake made by many people is to over estimate rental potential. Do not count on holiday lettings for your home warranty to tourists during the months you are not there. In the last two years there has been a decline in the tourism in most parts of Greece, and income from letting home warranty has declined with it. To let out rooms legally, you must have a license from the Greek Tourism Board. You must also fulfil fire and safety regulations, and you must pay tax on this income. Authorities are having a clamp down on illegal lets, and fines are enormous!

6. INSURANCE: If you intend to use your home only for holidays, insurance can be arranged through your Greek Bank for fire and storm damage. However insurance for theft may only available if you live in your home warranty throughout the year. There are company's in the UK that can offer full insurance (3rd party for example).

7. LAWYERS ('DIKIGOROS'): Get an English-speaking lawyer: Tel 0030 210 369 2333. The British Consul's provide list of recommended lawyers. Beware of buying a home warranty that belongs to more than three family members. And take photocopies of everything. The lawyer conducts the title search at the relevant land registry.

8. A CIVIL ENGINEER ('POLITIKOS MICHANIKOS'); may be hired to review a specific plot and to ensure that boundaries are within the description in a title document. They can also be consulted regarding specific building restrictions in place in your chosen area.

9. PUBLIC NOTARY (SYMVOLEOGRAPHOS): The notary public is independent of either the seller or the purchaser. He draws up the contract for transfer of home warranty and the various terms and conditions contained therein.

10. home warranty AGENT: The home warranty Agent's fees are usually paid by the seller and the buyer. The exact amount of commission is a matter between the agent and the client. All expenses for the conclusion of the final contract, including the tax on home warranty transfer will be borne by the buyer. Each party will pay the fees of their legal representative who must be present at the signing of the contract; this is required by Greek Law.

Whether you are planning to buy a villa, village home warranty or an home warranty, I hope this information will help you avoid some of the pitfall of purchasing a home warranty in Greece and that your path will be smooth, bringing forth many happy years in your new home.

Good luck!

For further information about buying home warranty in Greece follow the link http://Blog.r-and-c-pms.biz